Key Takeaways
- The KSE-100 Index fell by nearly 400 points due to political volatility.
- Selling pressure was observed in key sectors including automobile assemblers and cement.
- The index closed at 166,689.53, down 0.24%.
The Pakistan Stock Exchange (PSX) witnessed a significant decline in the KSE-100 Index, with the benchmark index dropping nearly 400 points amid political uncertainty.
At 9:35am, the KSE-100 Index was trading at 166,689.53, marking a decrease of 399.74 points or 0.24% from the previous day’s close.
Selling pressure was particularly evident in key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.
Notably, index-heavy stocks including HUBCO, MARI, OGDC, POL, PSO, MCB, MEBL, NBP, and UBL saw their values decline.
During the previous week, the PSX experienced similar selling pressure, with the KSE-100 Index falling 1,066.20 points or 0.6% week-on-week to close at 167,089.28 points.
The decline in the KSE-100 Index was influenced by persistent US-Iran tensions, escalating military clashes between Saudi Arabia and Yemen’s Houthi forces, and heightened regional security concerns.
Internationally, Asian share markets began cautiously, with South Korean stocks falling 1.1% and MSCI’s broadest index of Asia-Pacific shares outside Japan remaining unchanged.
On Wall Street, S&P 500 futures edged up 0.2%, while Nasdaq futures firmed 0.5%, reflecting the cautious start to the earnings season.
In Europe, EUROSTOXX 50 futures firmed 0.4%, while DAX futures gained 0.4% and FTSE futures added 0.3%, indicating a mixed start to the trading week.
